Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: SoDEX against Orderly−0.028%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and SoDEX is 0.028% cheaper against Orderly than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MSFT_USDC_mythos	504.26	0.0100	pay 0.0100% / 8h	1h 52m	$8K	—	10x
Short	SoDEX MSFT-USD	504.12	0.0050	get 0.0006% / 1h	52m 29s	$61K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee OrderlybpFee SoDEXbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$10.5
Price spread: −0.028% → 0.000%: −$2.78
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$27.28
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; SoDEX: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Orderly no order-book sample	—	—	—	—	—
Sell SoDEX no order-book sample	—	—	—	—	—

Orderly and SoDEX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

MSFT on 34 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX MSFTUSDC	−0.0978%	4h	504.30	+0.007%	$103K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	−0.119%	$682K	$500K	10x	as long as short
BloFin MSFT-USDT	−0.0020%	8h	504.37	+0.022%	$190K	$207K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.05	−0.041%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.21	−0.009%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.35	+0.018%	$15.9M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.07	−0.038%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.33	+0.014%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.10	−0.032%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.07	−0.038%	$3.8M	$3.0M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	504.28	+0.003%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.34	+0.015%	$19K	$327K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.11	+0.169%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.22	−0.008%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.59	+0.065%	$2.2M	$817K	10x	as long as short
Nado MSFT-PERP	+0.0014%	1h	504.09	−0.034%	$415K	$67K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.15	−0.022%	$689K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	504.24	−0.004%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.96	−0.059%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.18	−0.016%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.86	−0.079%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.93	−0.065%	$303K	$718K	10x	as long as short
SoDEX MSFT-USDshort	+0.0050%	1h	504.12	−0.028%	$61K	$3K	10x
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.87	−0.077%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0060%	8h	504.21	−0.009%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.94	−0.063%	$11K	$15K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0067%	1h	504.21	−0.010%	$27K	$43K	10x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	503.92	−0.067%	$33K	$8K	20x	as long as short
Lighter MSFT	+0.0096%	1h	504.34	+0.016%	$1.2M	$514K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.75	−0.101%	$1.6M	$58K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.48	−0.155%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythoslong	+0.0100%	8h	504.26	long leg	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	504.30	+0.008%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.13	−0.026%	$115K	$45K	30x	as long as short